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billldoesntgetit

The revamping of student-loan programs was included in — if overshadowed by — the final health care package. The vote was 56 to 43 in the Senate and 220 to 207 in the House, with Republicans unanimously opposed in both chambers.

So now according to the liberals its all the fault of the Republicans.

locomotive

"As you can see, those at about 150 percent of the poverty line receive a substantial subsidy, which keeps their costs relatively low. But when looking at the costs for those in the 200 to 400 percent of the poverty line groups, Obamacare takes a chunk out of their monthly paychecks.

"For a 25 year old who makes about $34,470 a year (300 percent of the federal poverty line), the least expensive version of the “silver plan” will cost them about 7.5 percent of their pretax income. For a 40 year old who makes the same, the least expensive option will be a little over 9 percent."

locomotive

5-24-2013 "California released the price for its Obamacare health care exchange, and the story in the media is that the premiums are a lot lower than expected...But just because the costs are lower than projected doesn’t mean the care is cheap. A Forbes blog points out that the new rates for health insurance premiums in California are more than double the cost of premiums without the Affordable Care Act and its exchanges. But putting that aside for the moment, these people still have to purchase this mandated insurance, or pay the fine."

locomotive

"Therefore most Americans would be surprised to learn that almost all of what we use for money is not issued by our government, but by private banks. They have been “allowed” to form erroneous assumptions about our money and banking system that are far from reality and that serves to shield from closer scrutiny, whether the Fed is truly operating in the public interest or advancing more private agendas, either on purpose or by default."

locomotive

"Americans also erroneously believe the banking business consists of accepting deposits from clients and then re-loaning them to borrowers at a higher rate of interest. Though the number is definitely growing, most Americans have no idea that money (or more accurately interest bearing bank credits – purchasing media which serves as money) is created by the banking system when loans are made, through the fractional reserve provisions. This is understood by few novices, and often economists and even bankers fail to comprehend that they function as part of a money creation system, when they issue credits, and deposit them into their client’s accounts when loans are extended."

locomotive

"The ambiguity arises from a combination of misleading appearances; the fact that our President appoints (with consent of the Senate) the Chairman of the Fed to four year terms, and the 5 member Board in Washington to 14 year terms; the fact that the Fed is supposed to promote governmental fiscal policy; and the fact that the system was originally set up in law by Congress in 1913 and can be altered, nationalized or even dismantled by Congress.

"Most Americans understand that the Fed controls our money system, but they believe its part of our government, as would be expected of any organization holding that much power over the destiny of our country."

locomotive

"We’ll examine evidence in the Federal Reserve legislation; in how the Fed operates; from Congressional testimony; from statements from the Federal Reserve’s publications; in statements by former Chairmen of the House Banking Committee; and in official rulings by US courts, to show why we conclude that although there are some elements of ambiguity, the Federal Reserve system is essentially dominated and controlled by private financiers, not our government; and to the extent that there is ownership of it, it is entirely private. Therefore despite the ambiguity – and confusion – the Fed is more accurately seen as a private, not a governmental institution, though with substantial governmental ties."

locomotive

This lengthy piece discusses whether or not the Federal Reserve is part of the government. I thought the introduction worthy of c/p for the issue at hand.

Here we go...

"Students of our monetary system quickly encounter this important question, normally phrased as whether the Federal Reserve System is part of the U.S. Government or is a private organization. The importance people are placing on the answer is indicated by the over 36,000 web sites the question raises on internet search engines."

centerfield

Gosh, matt, it is an honor to be judged by the resident intellectual of the blogs. I believe that veritas has shed some more light on the subject as well. Now, once again, you were stating something about the Federal Reserve not being a part of the US government???? Is that true??/ Goodness, gracious. We bow to your great wealth of knowledge. not

MattRothchild

MattRothchild

"The money is loaned to the banks at less than 1% interest and directly or indirectly it comes from the government"

Actually, that's not true either.

Seriously, you need to go read a book, a few that explain what, exactly, the Federal Reserve System is. Hint: it's not a government agency, as you allege, but is nevertheless the body that issues the currency of the UNited States.

centerfield

Oh, my goodness, you have caught me. The money is loaned to the banks at less than 1% interest and directly or indirectly it comes from the government. No matter how you split your hairs, matt, the interest rate is significant to the students. But, why not take in some of the foreign aide we give out or better yet, big oils billions in tax breaks and subsidies. Oh, we could not do that, why it would be un American.. As you point at me needing help reading, remember that you have fingers pointing at you.

MattRothchild

And yet, when various other people come along with their pet spending projects, we're always told things like "We can't afford not to make this investment" and other such assorted nonsense.

And "we" don't give banks anything for 1% interest. You're referring to the Federal Reserve System and its member banks borrowing from something called the "Discount Window". If you think the Federal Reserve is somehow "us", you'd better go read some books...fast.

centerfield

Obviously, Matt, you are not a worldly person if you truly believe that $22 a month is not significant loss of income for these people. But, we give money to banks at less than 1 % interest so why not give the same rate on student Loans?

MattRothchild

I didn't realize that less than $22 a month was such a matter of fire-breathing vehemence.

You know, it's funny. Every time someone wants money spent on their pet project, they always try to sell it by telling us, "For less than the price of a <insert seemingly inconsequential expense here>..."